Inox Green Energy Services IPO: Company scraps IPO plans; draws draft papers

Inox Green Energy Services Ltd (IGESL), part of Inox Wind said on Friday that it has decided to withdraw its proposed initial share sale offer of Rs 740 crore.

“We have been informed by IGESL that its board of directors by their decision adopted by dispatch dated 28 April 2022, the letter of consent from us dated 28 April 2022 and the decision dated 28 April 2022 adopted by our committee the operations have decided to withdraw the DRHP submitted to Sebi and, consequently, the DRHP has been withdrawn on 28 April 2022 by a letter dated 28 April 2022 from the bookkeeping leading managers to the offer, “said Inox Wind in a regulatory application for BSE.

The first public offering (IPO) was to issue new shares worth Rs 370 crore, in addition to an offer to sell (OFS) shares in total for Rs 370 crore by Inox Wind.

The company had submitted the draft Red Herring Prospectus (DRHP) for the proposed listing on February 7 to the Securities and Exchange Board of India (Sebi).

However, the draft offer documents for the listing have been withdrawn on 28 April, and the reasons for the withdrawal have not been disclosed.

Watch Zee Business Live TV streaming below:

Any company wishing to raise funds through the sale of shares to public investors using instruments such as stock exchange listing must have an approval from Sebi for the same.

The proceeds of the proposed issue were to be used to pay off debt and general corporate purposes.

IGESL deals with the provision of long-term operation and maintenance (O&M) services for wind turbine projects, specifically for wind turbine generators (WTGs) and the common infrastructure facilities at the wind farm, which support the evacuation of electricity from such WTGs.

Input from PTI

Leave a Reply

Your email address will not be published.